How to buy Spectrecoin anonymously via Bisq

By SpectreCat | SpectreCoin Fans | 13 Jun 2019

$4.27 tipped


Introduction

Spectrecoin is all about financial privacy. All network traffic is routed via Tor + OBFS4 to protect the IP addresses of network participants, ring signatures and stealth addresses ensure transactional privacy and, since the release of Proof-of-Anonymous-Stake or 'StealthStaking', even the staking activity of Spectrecoin users happens in complete privacy.

In this regard it is important to consider how to acquire and trade Spectrecoin while retaining personal privacy. For this, Bisq is the perfect fit. Bisq is a decentralised exchange that allows users to trade anonymously and stay in control of their own funds. This removes two of the largest downsides of centralised exchanges. For buying and selling Spectrecoin anonymously and securely, a decentralised exchange like Bisq is among the best options.



Let's start

First, visit the official website of the Bisq project.
https://bisq.network
There, go to the download section and choose the correct version for your system.
Once you have downloaded the Bisq wallet, start it up and let it sync.


Account Security
backup: Before you do anything, make a backup. In the menu bar, click on 'Account', then 'Backup' and then set your desired location and back up your Bisq wallet.

wallet seed: Additionally, it is recommended to write down your wallet seed and the date and then store this information in a safe location. You can find your wallet seed if you click on 'Account' and then 'Wallet seed'.

password: To protect your wallet now set a password, go to 'Account' and then 'Wallet password'



BUYING XSPEC

If you have completed the account security steps above, you are ready to use Bisq and start trading!

First, you will need to set your XSPEC receiving address. For this, go to 'Account' and then to 'Altcoin accounts'. Click on 'Add new account', select Spectrecoin from the list, enter your XSPEC receiving address and once you are done click on 'Save New Account'.



Now click on the 'Sell BTC' tab in the top menu. Here, go to the currency list and select 'XSPEC - Spectrecoin'. If this option is not displayed yet, then go to the bottom of the list to edit the currency list and display Spectrecoin. Now the current Spectrecoin offers will be shown. If there is an offer available that you would like to take, you can do this and start the trade right away. Bisq will then ask you to make a BTC security deposit and once those funds have been received, the trade can begin.

If there is no (acceptable) offer for you available, then you can place a buy offer yourself. To do this, go to the 'Sell BTC' page and there click on the red 'Create new offer to buy XSPEC (Sell BTC)' button.


Note: The base currency in Bisq is BTC. Therefore if you want to buy XSPEC, it is labelled as 'Sell BTC' and vice versa. The terminology can be a bit confusing at first, but after a while you will get used to it.

Next you will be asked to enter all the relevant details for your order.



Once you are done, click on 'Next Step'. Now you will be asked to fund your offer with your BTC + BTC security deposit.



If you already have funds in your Bisq wallet, press 'Transfer funds from Bisq wallet' to move the required amount to your trade wallet address. Otherwise, you now have to send the required amount of BTC to the trade wallet address shown. Once your BTC has arrived in the trade wallet address, click on 'Review: Place offer to sell Bitcoin'. Make sure all the details shown are correct, then click on 'Confirm: Place offer to sell Bitcoin'.


Congratulation, you have successfully published your first XSPEC buy offer on Bisq!


You can find your active trading offers under the 'Portfolio' tab. Note that your offer will only be visible to other traders when your Bisq wallet is online.

Now you have to wait for another trader to take on your XSPEC buy offer. Once someone takes on your offer, they will be asked to make a Bitcoin security deposit as well and then to send the XSPEC to your receiving address. Once you have received the XSPEC, you will need to confirm this in your Bisq wallet and then the trade is completed!




To learn more about Bisq, its DAO and also about their arbitration process, please refer to: https://docs.bisq.network


SpectreCat
SpectreCat

Spectrecoin all the way!


SpectreCoin Fans
SpectreCoin Fans

All things SpectreCoin from those who love and follow the project.

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